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Jan. 18, 2010 (Baystreet.ca) --
Utilities and mining stocks supported the Toronto stock market to a modest gain Monday.
The S&P/TSX Composite Index gained 65.17 points to end the day at 11,750.54.
A day before the Bank of Canada makes its scheduled announcement on interest rates, the Canadian dollar moved higher. The central bank is widely expected to leave rates -- which hover near zero -- alone until at least the end of the second quarter.
The base metals sector was up, as Teck Resources added 51 cents to $41.31 while Labrador Iron Mines Holdings ran up 60 cents to $5.48.
The energy sector finished ahead, as EnCana Corp. improved 52 cents to $35.73 while Imperial Oil gained 46 cents to $41.10.
Oil and gas explorer Enterra Energy Trust said Monday it will drop its income trust structure and convert to a corporation by the end of May, changing its name in the process to Equal Energy Ltd. Calgary-based Enterra said Monday it wants to make the move before a change in the rules governing the taxation scheme for trusts kicks in 2011. Enterra units jumped 55 cents or 25.5% to $2.71.
Shares in Cirrus Energy Corp. dropped 63 cents or 23% to $2.14 after delivering a disappointing update on its drilling activities at its subsidiary in Holland. A platform refurbishment was meant to allow "continuous uninterrupted production" from its well. Instead, production performance has steadily declined.
The gold sector climbed, as Goldcorp Inc. gained 30 cents to $40.90 and Kinross Gold Corp. was down six cents to $19.69.
The non-commodity sector of the TSX was also supportive as Magna International advanced 93 cents to $59.70 and Royal Bank gained 21 cents to $55.02.
In other corporate news, a group of bidders including former Canadian senator Jerry Grafstein says it's preparing to make an offer for some of Canwest's newspapers, including its flagship National Post. The consortium of investors also includes former Global TV executive and Montreal Star editor Raymond Heard and writer and broadcaster Beryl Wajsman.
Canwest shares were down a penny at 7.5 cents.
Mosaid Technologies Inc. shares rose $1.49 to $21.55 after it said its revenue will be $3 million higher in the 2010 financial year than previously thought, rising to an estimated range of $68 million to $70 million. It said the improved performance is the result of a landmark licensing agreement between the Ottawa patent firm and Samsung Electronics Co., Ltd.
Heritage Oil Corp. says that Tullow Uganda Ltd. has exercised its right to pre-empt Heritage's sale of a 50% interest of two blocks in Uganda to Italy's Eni International B.V., and will pay more than $1.35 billion U.S. for the assets. Heritage shares ran ahead $1.99 or 24.2% to $10.20.
New Flyer Industries Inc. said Friday it received orders for 711 buses in the fourth quarter for a total of $308 million. The company said the orders included 506 new firm and option orders and 205 exercised options for buses. Its units added 10 cents to $10.50.
Statistics Canada said Monday that foreign investors acquired a further $10.5 billion of Canadian securities in November. At the same time Canadian residents acquired $2.4 billion of foreign securities.
The Canadian dollar climbed 0.36 cents to 97.43 cents U.S.
ON BAYSTREET
All but three of the 14 TSX subgroups were higher on the day. Metals and mining led the pack, up 1.3%, while utilities were ahead 0.9% and consumer discretionaries gained 0.7%.
The three laggards were health-care stocks, down 0.5%, information technology and industrials, off 0.2% each.
The TSX Venture Exchange gained 12.25 points to 1,605.72, while the Nasdaq Canada index subtracted 7.43 points to 730.92.
ON WALLSTREET
U.S. markets were closed Monday for Martin Luther King Day.